The Chartered Institute of Bankers of Nigeria has commended Abia State Governor, Alex Otti, for the notable economic progress recorded in the state under his leadership.

The President and Chairman of the Council of the CIBN, Prof. Pius Olarenwaju, made this known on Thursday when he led members of the institute on a courtesy visit to the governor at his office.

He noted that the state had recorded significant economic milestones, including a 10 per cent increase in Gross Domestic Product, an eight per cent reduction in poverty, the attraction of investments and the creation of over 10,000 jobs.

“You have achieved, within this short time, notable economic progress, including a 10 per cent GDP increase, an eight per cent poverty reduction in this part of the country, the attraction of significant investments and the creation of over 10,000 jobs

“We have heard about it in the newspapers, but it is more glorious for us to see it firsthand and go back to tell more people. So, we appreciate you, sir,” he stated.

Olarenwaju also lauded improvements in the social sector, including strengthened healthcare delivery, reduced mortality rates, the introduction of health insurance and enhanced education infrastructure through free education policies.

He further acknowledged improvements in road infrastructure and other ongoing projects, which he described as evidence of purposeful governance.

He commended the state’s Operation Crush initiative, noting that it had improved security, boosted youth confidence and enhanced economic activities across Abia.

The CIBN chairman also saluted Otti’s contributions to the banking and finance profession and informed him of plans by the institute to organise an event later in the year to honour outstanding former bank chief executives for their impact on the industry.

Describing Otti as a goodwill ambassador of the institute, Olarenwaju said the governor’s achievements had become a source of pride to CIBN members.

He added that Otti continued to represent the institute well, having made a mark in the banking industry and now excelling in public service.

Olarenwaju called for deeper collaboration between the CIBN and the Abia State Government in areas such as financial literacy, financial inclusion, completion of the CIBN state office and infrastructural development, among others.

He disclosed that the institute was involved in a national programme aimed at training 10 million women and youths on financial inclusion, describing financial literacy as fundamental to economic empowerment.

“We want the involvement of the state in this programme. I mentioned earlier that there is a condition precedent to financial inclusion, and that is financial literacy.

“We are intentional about this, and we will go ahead to do this,” he stated.

Receiving the delegation, Otti reaffirmed his commitment to sustainable development and stronger collaboration with the CIBN.

He said he was keen on deepening the partnership with the institute, adding that the relationship was already well established.

The governor highlighted some key achievements of his administration, including job creation, economic growth, poverty reduction, the introduction of free and compulsory education, and improved healthcare delivery.

He disclosed that the free education policy had resulted in over a 100 per cent increase in school enrolment, adding that his administration had recruited 5,394 teachers, with the process of employing an additional 4,000 currently ongoing.

Otti, who commended the CIBN’s efforts in curriculum reform, expressed interest in adopting its updated curriculum across state-owned tertiary institutions and appreciated its proposals for regional conferences, financial literacy programmes and broader collaboration.

“The institute’s programme on financial inclusion and financial literacy for members of the public is very important.

“You find that even for those of us who claim to have some knowledge, we still make mistakes in investment—not deliberately, but because we do not know. So, I am very happy that you are doing this,” Otti stated.

The governor was joined by the Commissioner for Finance, Hon. Uwaoma; the Commissioner for Agriculture, Hon. Cliff Agbaeze; the Accountant-General of the State, Mrs Njum Uma-Onyemenam, FCA; and other senior government officials

Nestlé Nigeria Plc has been awarded the highest level of Authorised Economic Operator certification by the Nigeria Customs Service. The company received security and safety status under the programme, which is valid for five years and recognises compliance with trade regulations and supply chain security standards.

The certification followed an evaluation process that included customs audits and on-site operational assessments. Out of 391 applications received nationwide, only 35 companies were granted full certification, with fewer achieving the security and safety status.

At the presentation in Abuja, the Comptroller General of the Nigeria Customs Service, Bashir Adeniyi, said the certificates reflect that compliance is achievable even within challenging business environments.

For Nestlé Nigeria, the AEO Security and Safety status is expected to support faster customs clearance, reduced inspections at ports and warehouses, improved material availability, and better engagement with regulators and trade partners.

Commenting on the certification, Supply Chain Manager Kasum Diabate said it reflects the company’s structured approach to operations and reinforces the reliability of its supply chain.

Dangote Petroleum Refinery has warned that continued reliance on coastal delivery of petroleum products could push petrol prices close to N1,000 per litre in Nigeria.

The company stressed that its preferred gantry loading remains the most efficient and cost-effective method to ensure price stability for consumers.

The refinery, in a statement on Thursday, explained that its position is supported by sustained investments in critical infrastructure, including a “world-class gantry facility” with 91 loading bays capable of loading up to 2,900 tankers daily.

Operating on a 24-hour basis, it said the facility can evacuate over 50 million litres of premium motor spirit, 14 million litres of diesel, and other refined products each day.

While acknowledging that coastal loading is an option where logistics require, the refinery emphasised that gantry evacuation eliminates additional costs.

“Direct gantry evacuation eliminates port charges, maritime levies and vessel-related costs that do not add value to end users, helping to optimise costs, improve distribution efficiency and support price stability,” the company stated.

It also clarified that marketers are free to choose their preferred mode of evacuation, with PMS and other refined products available at competitive gantry prices.

“However, reliance on coastal delivery, particularly within Lagos, may introduce avoidable costs with material implications for fuel pricing, consumer welfare, and overall economic well-being. In our opinion, coastal logistics can add approximately N75 per litre to the cost of petrol, which, if passed on to consumers, would push the pump price of PMS close to N1,000 per litre,” the refinery said.

The company further estimated that sustained dependence on coastal logistics could impose an additional annual cost of roughly N1.75tn, based on Nigeria’s average daily consumption of about 50 million litres of PMS and 14 million litres of diesel.

It warned that this cost would ultimately be borne by producers or Nigerian consumers.

Dangote refinery also renewed calls for coordinated investment in pipeline infrastructure nationwide. It argued that functional pipelines linking refineries to depots would significantly cut distribution costs, improve supply reliability, and strengthen national energy security.

Addressing allegations that it imports finished petroleum products, the refinery described such claims as misleading.

“While our Residue Fluid Catalytic Cracking Unit is currently undergoing maintenance, we only import intermediate feedstock in line with global industry practice. We challenge anyone with credible evidence of finished product importation to present it to the appropriate regulatory authorities. Such claims are often driven by interests seeking to justify continued dependence on fuel imports,” the refinery reiterated.

Explaining the benefits of domestic refining, the company noted that since operations began, diesel prices have fallen from about N1,700 per litre to between N980 and N990, while PMS prices have dropped from around N1,250 per litre to between N839 and N900.

It added that increased local supply has sharply reduced fuel importation, eased foreign exchange pressures, and contributed to a stronger naira, recently trading at about N1,385 to the dollar.

The refinery concluded by urging marketers, regulators, and policymakers to support logistics and distribution decisions that align with national economic interests, protect consumers, and sustain the long-term benefits of domestic refining.

Savannah Energy Plc, has released its financial and operational update on its Nigerian operations and other markets in Africa, including up-to-date cash collections in its Nigerian business.

The report also shows that its cash collections in Nigeria increased by over 12 per cent to US$278.0 million, compared to the previous year’s US$248.5 million, with the trend continuing into 2026 with cash collections during January 2026 at over US$64.4 million, compared to US$20.4 million in January 2024.

The update shows that its gross production in Nigeria averaged 18.8 Kboepd for 2025, of which 83 per cent was gas.

Following the completion of the SIPEC Acquisition in March 2025, it had commenced an 18-month expansion programme that saw it Stubb Creek average gross daily production increase to 3.0 Kbopd in 2025, approximately 13 per cent above the 2024 average.

According to the report, Savannah’s Total Revenues for FY 2025 stood at US$235.0 million, compared to US$258.9 million in FY 2024. As at 31 December 2025, its cash balances stood at US$39.5 million, compared to US$32.6 million in FY 2024, with a net debt US$655.9 million, compared to US$636.9 million as at 31 December 2024.

It also reported a Gross debt US$698.4 million as at 31 December 2025, of which only US$39.0 million (6%) was recourse to the Company, with the balance sitting within subsidiary companies on a non-recourse basis. Its Trade Receivables balance as at 31 December 2025 stood at US$507.2 million, a 6 per cent improvement on year-end 2024’s US$538.9 million.

Savannah also reported that it has made significant progress in refinancing its debt facilities.

It reports that following the previously announced increase in the Accugas debt facility from NGN340 billion to up to approximately NGN772 billion as at 31 December 2025, there was a remaining principal balance under the US$ Facility of approximately US$2 million, which has been repaid in early 2026.

Savannah also provided new updates on its Uquo NE development well, the Uquo South exploration well, and the new compression system at the Uquo Central Processing Facility, It reports that site construction on the Uquo NE development well is expected to be completed this month, with the rig ready for deployment, and mobilisation scheduled over the next few weeks, with first gas from the facility targeted by the end of Q2 2026. Well site preparation has also commenced on the Uquo South exploration well.

According to the company, the newly completed and fully commissioned compression system at the Uquo Central Processing Facility which was delivered safely and approximately 10 per cent under the original US$45 million budget, will enable it to maximise production from its existing and future gas wells.

It also announced signed a gas contract extension agreement with the Central Horizon Gas Company Limited to end December 2026 for up to 10 MMscfpd.

On the renewable energy front, Savannah, which had in 2025 repositioned its power sector business model to pursue operating asset opportunities in both the thermal and renewable energy spaces alongside interests in large scale renewable energy development projects, said it has set itself the target of completing its proposed acquisition of indirect interests in three East African hydropower projects by H1 2026. The assets include the 255 MW Bujagali power plant, with a 13-year operating and payment track record, and two advanced-stage development projects, marking Savannah’s potential for entry into five new countries – Uganda, Burundi, the Democratic Republic of the Congo, Malawi and Rwanda.

It is also continuing to progress its existing priority Power Division projects, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon.

In Niger, its subsidiary is considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27, subject to a satisfactory agreement being reached with the country’s government.

Andrew Knott, CEO of Savannah Energy, said, “2025 was a year of execution for Savannah with good progress delivered across the nine focus areas we set out at the start of the year. In Nigeria, we increased our rate of cash collections year-on-year by 12%, a trend which we hope to continue into 2026, and have made significant progress in refinancing our debt facilities.

In our Hydrocarbons Division, the completion of the SIPEC acquisition in March enabled us to commence an expansion programme at Stubb Creek, increasing 2025 production materially above 2024 levels. At Uquo we delivered the new compression system under budget and advanced site construction ahead of the planned commencement of drilling of the new Uquo NE well. During the year, we also announced a 21% 2P Reserves upgrade at the Uquo gas field and a 29% upgrade to Stubb Creek oil field 2P Reserves. In Niger, we remain actively engaged with the Government on future activity, with the R3 East development plan significantly enhanced during the year.

In the power sector, we repositioned our business model and advanced both operating and development opportunities, including the proposed acquisition of interests in three East African hydropower projects, which is targeted for completion in H1 this year. We have also continued to progress on our wind, solar and hydro portfolio. Alongside this, we continue to pursue further value-accretive acquisitions across both hydrocarbons and power, with several other opportunities under active discussion.

We also continued to progress our arbitration claims, with the Savannah Chad Inc (“SCI”) and Savannah Midstream Investment Limited (“SMIL”) proceedings currently expected to be concluded in the first half of 2026.

Overall, this progress provides a strong platform for continued delivery in 2026.”

The Nigerian National Petroleum Company Limited (NNPCL) has opened talks with a Chinese company over one of the state-owned oil firm’s refineries.

The NNPC, Chief Executive , Bayo Ojulari said the company was seeking experienced operators as equity partners to revive its four refineries after years of losses and underperformance.

He said an internal review carried out shortly after assuming his role last April showed the refineries were running at huge losses, with high operating costs and heavy spending on contractors while processing volumes remained low.

NNPC’s board has approved a strategy to bring in refinery operators with proven expertise rather than contractors, Ojulari said, adding that the company was in advanced talks with several interested parties.

“I’m just coming from a meeting with one of the potential investors,” Ojulari said, without giving a name. “They are going to the refinery tomorrow to inspect. It’s a Chinese company that has one of the biggest petrochemical plants in China.”

Nigeria has struggled for years to rehabilitate its aging refineries, which have operated far below capacity, forcing Africa’s largest crude oil producer to rely heavily on imported fuel. The government hopes new partnerships will help reverse that trend.

Ojulari said the plants have been halted to allow time to assess options for restoring them, coinciding with the launch of Dangote Refinery which offered “breathing space” for domestic fuel supply.

He said NNPC was not selling the refineries but would relinquish a portion of their equity to partners to enable the plants to self-finance their operations.

Dangote Petroleum Refinery & Petrochemicals (DPRP) has dismissed reports suggesting that it imports finished petroleum products.

The refinery’s management described the claims as false and rooted in a misunderstanding of standard refinery operations.

The DPRP is a modern, large-scale merchant refinery with the capacity to refine crude oil as well as process intermediate feedstocks into high-quality finished petroleum products and petrochemicals, it said.

Speaking during a media briefing at the refinery, Chief Executive Officer and Managing Director of DPRP, David Bird, explained that it is standard industry practice for refineries to process intermediate or semi-processed materials into finished fuels. He stressed that this does not amount to importing finished petroleum products.

He noted that unlike conventional Nigerian refineries, the Dangote Petroleum Refinery operates on a European and Asian merchant refinery model, featuring a state-of-the-art refining, blending, and trading configuration designed to meet modern quality standards.

“DPRP produces high-quality fuels aligned with international environmental and health standards. Our gasoline is lead-free and MMT-free, with 50 parts per million sulphur, while our diesel meets ultra-low sulphur standards. These specifications help reduce emissions, protect engines, and safeguard public health,” Bird said.

According to him, the Dangote Petroleum Refinery produces only fully refined, market-ready fuels. “Dangote Petroleum Refinery offers high-quality finished products. We will never supply semi-finished products to the market. Semi-finished products should not be used in vehicles,” Bird said, while displaying samples of intermediate feedstocks and finished products to journalists.

He noted that while Nigerians had historically been exposed to substandard fuel, the refinery was established to reverse that trend and deliver fuels that meet the highest international standards. Bird added that the refinery’s products are now supplied to markets across the world, reflecting their quality and competitiveness.

Intermediate products, he explained, are semi-processed materials derived from crude oil and used as feedstock for further refining into finished fuels such as petrol and diesel, as well as petrochemicals. These include naphtha, straight-run gas oils, vacuum gas oil (VGO), reformate, alkylate and isomerate.

Bird emphasised that the refinery has remained transparent in its operations and engagements with regulators and urged the media to help educate the public on the distinction between intermediate and finished products.

“It is regrettable that some individuals are deliberately spreading false narratives about a refinery that has transformed Nigeria and the wider West African region from a dumping ground for substandard fuel into a refining hub with access to high-quality products,” he said.

He further noted that the refinery’s design flexibility allows it to process a wide range of crude oils and intermediate feedstocks into premium finished products.

Assuring of product availability to meet domestic demand, Bird said the refinery has played a significant role in easing fuel scarcity, stabilising the naira, and reducing pressure on foreign exchange.

Group Chief Brand and Communications Officer, Dangote Industries Limited, Anthony Chiejina, also urged journalists to exercise caution in their choice of words, warning that inaccurate terminology could misinform the public and create unnecessary panic.

The Securities and Exchange Commission (SEC, Nigerian Exchange Group Plc (NGX Group) and the Police have agreed to achieve Capital Market integrity, affirming collaboration to ensure sustainable operations.

The NGX Group, on Wednesday took a decisive steps on this when it hosted a Closing Gong Ceremony in honour of the Inspector-General of Police, IGP Kayode Egbetokun, signaling a strengthened partnership between capital market regulators and law enforcement agencies.

The ceremony highlighted a shared commitment to investor protection, the prevention of financial crime, and the reinforcement of trust and confidence in Nigeria’s capital market.

Welcoming the IGP, Alhaji Umaru Kwairanga, Group Chairman of NGX Group, commended the leadership of the Nigeria Police Force in supporting market integrity. He said: “Market integrity is a shared responsibility. By honouring the Inspector-General of Police, we are reinforcing the importance of institutional alignment in protecting investors and preserving trust in our financial system. Strong collaboration between regulators, enforcement agencies, and market infrastructure institutions is essential to building a resilient and credible market that supports economic growth.”

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, emphasized the importance of coordinated enforcement, noting: “Investor protection is at the core of market regulation, and today’s engagement highlights how critical collaboration with law enforcement is to achieving that mandate. This partnership strengthens our enforcement capacity, enhances deterrence against illegal investment activities, and reinforces confidence in the Nigerian capital market.”

In his response, IGP Kayode Egbetokun reaffirmed the commitment of the Nigeria Police Force, stating: “A transparent and well-regulated capital market is vital to Nigeria’s economic growth. The Nigeria Police Force remains committed to working with regulators and market operators to prevent financial crime, protect investors, and uphold the integrity of our financial system.”

Also speaking, Chairman of Nigerian Exchange Limited (NGX), Ahonsi Unuigbe, highlighted the role of the Exchange in promoting market discipline: “A transparent and orderly market can only thrive where rules are respected and misconduct is addressed decisively. The presence of the Nigeria Police Force in this collective effort sends a strong signal that safeguarding the market is a national priority.”

Similarly, Group Managing Director/Chief Executive Officer of NGX Group, Temi Popoola, stressed the importance of aligning innovation with oversight: “Technology and market growth must be supported by strong enforcement and investor protection frameworks. Our collaboration with the SEC and the Nigeria Police Force reflects a unified approach to preserving the credibility of Nigeria’s capital market.”

The event brought together key stakeholders across the capital market ecosystem, all reaffirming their commitment to accountability, transparency, and investor confidence. The ceremonial Closing Gong marked a collective resolve to strengthen Nigeria’s financial system through sustained collaboration.